no it doesn't and that's the only drawback.
For example I like having all possible options of use of a tool in front of me. This is what makes C4D's learning curve so easy. If the same tool was made as a node they would probably break it to 20 nodes. Especially that Data Mapper and Math modifier...
I'm not sure how priorities would resolve in a nodal system... It's pretty clear in the O.M.
Also emitters usually need to interact with other entities like Cloners, objects, tags... That would drag the whole C4D to be node dependent, something really hard and time consuming... maybe in the future.
I guess it all boils down to how easy the development and management team wants to present a very complex full of capabilities system and how users treat the O.M. .